Since June 10, the secret police have been holding Ex CBN chief Emefiele, who made an extraordinary bid for the presidency of Nigeria last year.

    Godwin Emefiele, the central bank governor of suspended and imprisoned Nigeria, is the subject of a 20-count indictment, one of which accuses him of “conferring unlawful advantages,” according to a government attorney.

    President Bola Tinubu has ordered an investigation of the central bank under Emefiele after criticizing its policies at his inauguration in May, particularly actions to support the naira currency. Tinubu has started the most daring reforms in Africa’s largest economy in more than ten years.

    What the additional charges were was not immediately clear. However, court records provided by the Attorney General’s Office last month showed that Emefiele was charged with criminal theft of funds and criminal breach of trust, among other offenses that entail significant jail time.

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    Godwin Emefele
    Goodwin Emefele

    Emefiele was suspended by Tinubu on June 9 and has been detained by the secret police since June 10. Emefiele, who made an unprecedented bid for the president of Nigeria last year, is being held in custody. The bank’s suspended CEO entered a not-guilty plea to a charge of handgun possession. After he entered a plea on July 25, the judge granted him bail; however, he was quickly detained again.A government attorney informed the news agency Reuters, “We have filed a matter with comprehensive charges” and “we are withdrawing the [firearm] case at the Federal High Court in Lagos.”

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    Emefiele has appealed his imprisonment and submitted a bail application, but he hasn’t made any statements about the charges in the media.In order to maintain the currency artificially strong, he instituted a multiple exchange rate strategy, which Muhammadu Buhari, Tinubu’s predecessor, had seen as a source of national pride.

    Emefiele was scheduled to step down in 2019 but was instead appointed by Buhari for a second term of five years. He oversaw the deepest economic downturn on the continent of Africa’s largest economy while serving as the central bank’s second-longest-serving governor.

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